Power Pay

— Written By Deborah Womack and last updated by

April is Financial Literacy or Education Month. When you hear the terms,7214450550_bd3c1e5db2_o money or finances, what comes to your mind? If you think of bills and debts, then you might want to consider PowerPay.

1. What is PowerPay? It is a computer program that provides a debt reduction plan. It shows a person what to pay monthly until all the debts are paid. It is easy to use, easy to understand, easy to do, easy to follow and private.

2. How to get started with PowerPay? A person would need to make a list of:

  • who you owe
  • the balance owed
  • how much you pay each month and
  • the interest rate ( meaning the annual percentage rate or the APR)

PowerPay is set to show the fastest way to pay off debt by:

  • showing who to pay each month until debts are paid
  • making Power Payments using money from paid off debts
  • cutting the amount of interest you pay back
  • adding a little extra to what you usually pay
  • paying a lump sum of extra money like your tax return or a bonus and
  • exploring savings from a consolidating debt.

Use this PowerPay Worksheet to gather the information needed for PowerPay.

PowerPay is FREE!!!! If you would like to have LESS DEBT, LESS WORRY, MORE CASH and MORE LIVING, THEN POWER PAY IS FOR YOU!!!

The PowerPay program can be accessed at: www.powerpay.org

For assistance using PowerPay and understanding your PowerPay results, contact: Deborah Womack, Forsyth County Family and Consumer Sciences Agent at deborah_womack@ncsu.edu or 336-703-2870.